Fresenius Medical Care reports drop in Q1 profit; maintains outlook for year

Fresenius Medical Care AG & Co. KGaA reported net income for the first quarter of 2014 fell 9% to $205 million, compared to $225 million in the same quarter last year. The company said it still expects 2014 net profit to be between $1 billion and $1.05 billion this year, compared with $1.11 billion last year.

Net revenue for the first quarter of 2014 increased 3% to $3,564 million (+4% at constant currency), compared to the first quarter of 2013. Dialysis services revenue grew 4% to $2,782 million (+5% at constant currency) and dialysis product revenue decreased 1% to $782 million (flat at constant currency) compared to the first quarter of 2013.

North America revenue for the first quarter of 2014 increased 5% to $2,393 million. Dialysis services revenue in North America grew 5% to $2,201 million with a same store treatment growth of 3.3%. Dialysis product revenue increased 5% to $192 million.

On April 3 the company said it expects revenue in 2020 to reach $28 billion. The dialysis provider announced its ambitious revenue guidance at a Capital Markets Day in New York. This guidance represents a cumulative average growth rate of around 10% per annum and a near doubling of revenue compared to 2013, when it brought in $14.6 billion.